Energy Recovery Shares Skyrocket On Schlumberger Licensing Deal

By Wallace WitkowskiMarketWatch Pulse

Energy Recovery Inc. shares skyrocketed in the extended session Monday after signing a long-term licensing agreement with Schlumberger Ltd.'s technology unit. Energy Recovery shares jumped 91% to $4.70. The company said it signed a 15-year licensing agreement with Schlumberger for its VorTeq fracking pump system. Energy Recovery said it will get a $75 million exclusivity fee with two $25 million milestone payments expected in 2016.

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